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Posted on May 18, 2024

Jim Smith believes that in 3 0 years he will need $ 8 0 , 0 0 0 to buy a retirement cottage . Assuming

Jim Smith believes that in

30

years he will need $

80, 000

to buy a retirement cottage

.

Assuming he gets an interest rate of

9 %

compounded annually, how much will he have to invest today to reach his retirement goal?

(

Round your answer to the nearest cent.

)

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